An economic system in which both the private enterprise and a degree of state monopoly (usually in public services, defense, infrastructure, and basic industries) coexist. All modern economies are mixed where the means of production are shared between the private and public sectors. Also called dual economy.
2. What is capitalist economy?
Capitalism is an economic system in which capital goods are owned by private individuals or businesses. The production of goods and services is based on supply and demand in the general market (market economy), rather than through central planning (planned economy or command economy).
3. What is open economy?
An open economy is an economy in which there are economic activities between the domestic community and outside. People and even businesses can trade in goods and services with other people and businesses in the international community, and funds can flow as investments across the border.
4. What is closed economy?
A closed economy is self-sufficient, which means no imports come into the country and no exports leave the country. A closed economy's intent is to provide domestic consumers with everything they need from within the country's borders.
5. What is economic growth?
Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. It can be measured in nominal or real terms, the latter of which is adjusted for inflation. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP), although alternative metrics are sometimes used.
6. What is the definition of economics?
Economics is a social science that deals with the production, distribution, and consumption of goods and services. Economics focuses heavily on the four factors of production, which are land, labor, capital, and enterprise.
7. What is micro economics?
Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
8. What is macro economics?
Macroeconomics is a branch of the economics that studies how the aggregate economy behaves. In macroeconomics, a variety of economy-wide phenomena is thoroughly examined such as inflation, price levels, rate of growth, national income, gross domestic product (GDP) and changes in unemployment.
9. What is disinflation?
Disinflation is a decrease in the rate of inflation – a slowdown in the rate of increase of the general price level of goods and services in a nation's gross domestic product over time. ... Disinflation occurs when the increase in the “consumer price level” slows down from the previous period when the prices were rising.
10. What is reflation?
Reflation is a fiscal or monetary policy, designed to expand a country's output and curb the effects of deflation, which usually occurs after a period of economic uncertainty or a recession. As such, the term "reflation" is also used to describe the first phase of economic recovery after a period of contraction.
11.
Reflation policies can include reducing taxes, changing the money supply and lowering interest rates. Furthermore, reflation is a long-term shift, often characterized by a prolonged reacceleration in economic prosperity that aims to reduce any excess capacity in the labor market.
12. What is consumer price index?
The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them. Changes in the CPI are used to assess price changes associated with the cost of living; the CPI is one of the most frequently used statistics for identifying periods of inflation or deflation.
13. What is wholesale price index?
Wholesale Price Index (WPI) represents the price of goods at a wholesale stage i.e. goods that are sold in bulk and traded between organizations instead of consumers.
14. What is index of industrial production?
The Index of Industrial Production (IIP) is an index which shows the growth rates in different industry groups of the economy in a stipulated period of time
15. What is human development index?
The Human Development Index (HDI) is a statistical tool developed by the United Nations to measure and rank countries' levels of social and economic development. The social and economic dimensions of a country are based on the health of people, their level of education attainment and their standard of living. This index makes it possible to follow changes in development levels over time and to compare the development levels of different countries.
16. What are public receipts?
The public receipts or capital receipts are loans raised by the Government from the general public. The loans received from foreign Governments and bodies, disinvestment receipts and recoveries of loans from State and Union Territory Governments and other parties are also part of capital receipts.
17. What are revenue receipts?
Government receipts which neither (i) create liabilities nor (ii) reduce assets are called revenue receipts. These are proceeds of taxes, interest and dividend on government investment, cess and other receipts for services rendered by the government. Government revenue is the means for government expenditure.
18. What is balance of trade?
The balance of trade is the difference between the value of a country's imports and exports for a given period. The balance of trade is the largest component of a country's balance of payments. Economists use the BOT to measure the relative strength of a country's economy.
19. What is balance of payments?
The balance of payments (BOP) is the method countries use to monitor all international monetary transactions at a specific period. Usually, the BOP is calculated every quarter and every calendar year. These transactions consist of imports and exports of goods, services and capital, as well as transfer payments such as foreign aid and remittances. A country's balance of payments and its net international investment position together constitute its international accounts.
20. What is export import(exim) policy 2002-07?
The EXIM Policy for 2002-07 which came in effect on 1st April, 2002 was the first policy which had to be formulated keeping in view all the commitment India had made under the WTO. In 2001, all quantitative restrictions on imports were removed.
21. What is special economic zone?
A special economic zone (SEZ) is an area in which business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include: increased trade, increased investment, job creation and effective administration. A special economic zone is an area in a country that is subject to unique economic regulations that differ from other areas in the same country. The SEZ regulations tend to be conducive to foreign direct investment. Conducting business in an SEZ typically implies that the company will receive tax incentives and the opportunity to pay lower tariffs.
22. What are share price indexes?
A stock index or stock market index is a measurement of a section of the stock market. It is computed from the prices of selected stocks (typically a weighted average). It is a tool used by investors and financial managers to describe the market, and to compare the return on specific investments. Some of the important indices in India are: Benchmark indices – BSE Sensex and NSE Nifty.
23. What is scheduled bank?
Scheduled banks are a banking corporation whose minimum paid up capital is Rs. 25 lakhs and does not harm the interest of the depositors. They are Listed in the second schedule. Maintained with RBI. Scheduled banks are allowed to borrow money from RBI for regular banking purposes. Returns To be submitted periodically. It can become a member of clearing house.
24. What is non scheduled bank?
Non-scheduled banks are the banks which do not comply with the rules specified by the Reserve Bank of India, or say the banks which do not come under the category of scheduled banks. Not-listed in any schedule. Maintained with them. Non-Scheduled banks are not allowed to borrow money from RBI for regular banking purposes. No such provision of submitting periodic returns. It cannot become member of clearing house.
25. When and who first did nationalization of banks?
In 1969 by PM Indira Gandhi
26. How many banks were nationalized in 1969?
14 banks (central bank of India, Dena bank, syndicate bank, Indian bank, bank of Baroda, Allahabad bank, uco bank, bank of Maharashtra, Punjab national bank, canara bank, Indian overseas bank, union bank, united bank of India, bank of India)
27. in the absence of ozone layer which rays will enter into atmosphere
ultraviolet
28. the sounds having frequency 20-20000 Hz is known as
Audible sounds
29. tha noble gas used in radiotherapy is
radon
30. which plant is called herbal Indian doctor
Amla
31. in the absence of ozone layer which rays will enter into atmosphere
2. Santhal and Munda uprising in 1899 occurred during which viceroy?
Lord Elgin II
3. Indian Universities act (1904) passed under which viceroy?
Lord Curzon
4. Partition of Bengal (16th October, 1905) occurred under which viceroy?
Lord Curzon
5. Who passed the ancient monuments protection act 1904 to protect India’s cultural heritage?
Lord Curzon
6. Who founded the archaeological survey of India?
Lord Curzon
7. Who passed the Indian coinage and paper currency act 1899 and put India on a gold standard?
Lord Curzon
8. During which viceroy swadeshi movement occurred?
Lord Minto II
9. During which viceroy Surat split of INC (split of congress between moderates and extremists, 1907) occurred?
Lord Minto II. The extremists were led by Lal, Bal and Pal and moderates by GK Gokhale.
10. Who passed Indian councils act 1909 and Minto – Morley reforms?
Lord Minto II
11. Foundation of Muslim League occurred in ___ under viceroy ___
1906, Lord Minto II
12. Newspaper act 1908 passed under which viceroy?
Lord Minto II
13. Transfer of capital from Calcutta to Delhi in 1911 under which viceroy?
Lord Handinge II
14. Who established Hindu Mahasabha in 1915?
Madan Mohan Malviya under the reign of Lord Handinge II
15. When did Gandhi came back to India?
1915
16. Who passed the Government of India act 1919 which is also known as Montague – Chelmsford reforms?
Lord Chelmsford
17. Who passed Rowlatt act 1919?
Lord Chelmsford
18. Jalianwala bagh massacre took place in ___ under the rule of ___. Fire opened by ___. ___ returned knighthood in protest. ___ was appointed to inquire into it.
13th April 1919 at Amritsar (Punjab); Lord Chelmsford; General Dyer; Rabindranath Tagore; Hunter commission
19. The home rule movement founded by ___ under the rule of ___
Bal Gangadhar Tilak and Annie Besant; Lord Chelmsford
20. Who appointed Saddler commission on education in 1917?
Lord Chelmsford
21. Who appointed Hunter commission to look into Jalianwala bagh tragedy?
Lord Chelmsford
22. What is national income?
The total net value of all goods and services produced within a nation over a specified period of time (usually measured over a period of one year),from the production of goods and services, representing the sum of wages, profits, rents, interest, and pension payments to residents of the nation.
23. What are final goods?
Final goods or Consumer goods are goods that are ultimately consumed rather than used in the production of another good. For example, a microwave oven or a bicycle which is sold to a consumer is a final good or consumer good, whereas the components which are sold to be used in those goods are called intermediate goods.
24. What are intermediate goods?
Material or item that is a final-product of a process, but is also used as an input in the production process of some other good. For example, sugar is consumed directly as well as in the manufacture of food products.
25. What are capital goods?
Capital goods are tangible assets that a business uses to produce goods or services that are used as inputs for other businesses to produce consumer goods. Said another way, capital goods are tangible assets, such as buildings, machinery, equipment, vehicles and tools that one organization uses to produce goods or services as an input to produce consumer goods and goods for other businesses. Manufacturers of automobiles, aircraft, and machinery fall within the capital goods sector because their products are used by companies involved in manufacturing, shipping and providing other services.
26. What is investment?
In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or will later be sold at a higher price for a profit.
27. What is depreciation?
In economics, depreciation is the gradual decrease in the economic value of the capital stock of a firm, nation or other entity, either through physical depreciation, obsolescence or changes in the demand for the services of the capital in question.
28. What is per capita income?
Per capita income (PCI) or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population.
29. What is capital gain?
A capital gain refers to profit that results from a sale of a capital asset, such as stock, bond or real estate, where the sale price exceeds the purchase price. The gain is the difference between a higher selling price and a lower purchase price.
30. Who were the members of the Hunter commission?
Chairman Lord William Hunter, ex- Solicitor
General W.F. Rice, Additional Secretary to the Government of India (Home Department)
Justice G.C. Rankin, Judge of the High Court, Calcutta
Major General Sir George Barrow, Commandant of the Peshawar Division
13. Who was the first Nawab of Bengal, Bihar and Orissa under British rule?
Mir Jafar
14. What was the outcome of the Battle of Buxar in 22nd October, 1764?
Mir Qasim (Mir Jafar’s son in law), Nawab of Awadh, Shuja ud Daula, Shah Alam II fought with the British; later won and Mir Jafar was again put on throne
15. Who became the first Governor of Bengal in 1765?
Robert Clive
16. When the dual system of government created and what did it do?
1765; company to collect revenue and nizamat right was with nawab
17. Who ended the dual system of government in 1772?
Warren Hastings
18. What was the outcome of the first Carnatic war 1746?
Nawab of Carnatic army defeated by French under dupleix in battle at St. Thome
19. What was the outcome of the second Carnatic war 1765?
Ended with treaty of Pondicherry
20. The siege of Arcot (1751) made whom national hero of England?
Robert Clive
21. What was the outcome of the third battle of Carnatic (Wandiwash) 1765?
British defeated French; Pondicherry returned to French; treaty of Paris signed
22. Who was the first sikh guru and creator of Nanak Panth?
Guru Nanak (1469); born in Talwandi
23. Who invented Gurumukhi script for Punjabi language?
Guru Angad
24. Who divided his spiritual empire in 22 parts called Manjis?
Guru Amardas
25. Who founded city of Amritsar and constructed Harmandir Sahib?
Guru Ramdas
26. Who compiled the Adi Granth and was executed by Jahangir?
Guru Arjun Dev
27. Which Sikh guru was executed by Aurangzeb?
Guru Teg Bahadur
28. Who organized warrior class called Khalsa and ordered Sikhs to keep 5 K’s (Kesh, Kripan, Kaccha, Kangha, Kara)?
Guru Govind Singh
29. Who founded Sikh rule in Punjab?
Maharaja Ranjeet Singh
30. What is “drain of wealth”?
Portion of national product of India which is not available for consumption of its own people